After the setback in 2020, due to the pandemic crisis, in 2022 the turnover of the main Italian wine companies it is estimated to be growing and it will be driven by bubbles. This is what emerges from report by the Mediobanca Research Area on the national wine sector which concerns 251 main Italian capital companies with 2020 turnover exceeding 20 million euros and aggregate revenues of 9,3 billion euros, equal to 85,3% of the national turnover of the sector. The study also includes a focus on fine wines and major M&A deals.
2021 of the major Italian wine producers closed with an increase of turnover by 14,2% (+14,8% the domestic market, +13,6% abroad). L'Ebit margin reported a slight increase to 6% compared to 5,4% in 2020, the net result went from 4,2% to 4,3% of turnover. THE sparkling wines (+21%) accelerated more than still wines (+12,4%) while cooperatives contained growth to +9,2% (+19,6% for non-cooperatives). Proximity markets prevail (EU countries) with 41,2% of exports, the second destination area is North America (34,1%); significant growth (+22,8%) for central and southern America. 2021 preserved the large-scale distribution channel which, stable at 35,6% of the market, grew in value by 13,5% and decreed the recovery of the Ho.Re.Ca. (+28,1%), which passes from 15,6% to 15,9%.
Two trends in consolidation: the premiumization of consumption and greater attention to sustainability. Double-digit increases for i Icon wines (+ 33,2%) and Premium (+20,2%), more contained for Basic wines (+8,7%), equal to half of total sales. Bio holds its own, with 2021 sales up by 11%, for a market share of 3,3%; leap forward for the vegan wine (+24,8%) to 2,2% of the total. There is also growing interest in i natural wines (+ 6,9%) and biodynamic (+2,4%) each confined to 1% of the market.
The uncertainty of war does not stop the Italian wine market
2022 presented itself with a picture of great uncertainty. The pandemic has given way to an equally complex scenario characterized by'rise in energy and raw material prices, together with supply difficulties of many materials and the consequences of the conflict in Ukraine. And the increases in prices are bound to weigh on global confidence and on business costs. Even if the major wine producers expect growth of 2022% for 4,8, which would reach 5,6% for the export component alone.
To push the sales the success of bubbles (+5,7% total revenues, +7,5% exports) while still wines expect +4,6% (+5,3% exports). 91,7% of the main wine producers expect a double-digit increase in revenues in 23,3% of cases, but the share drops to 87% if we look at exports. The operators exposed to the off-trade channel (large-scale distribution and retail) are more skeptical about the future, while the greater use of direct sales guarantees greater security. Proximity markets (EU countries) improve expectations on exports.
The M&A upsets the ranking: Cantine Riunite-GIV, IWB and Botter-Mondodelvino on the podium
In 2021 important M&A operations in the world of wine transformed the ranking of the main national producers. Sales leadership in 2021 remains the prerogative of the group Cantine Riunite-GIV, with turnover of 635,2 million (+9,7% on 2020). In second place the Italian Wine Brands (423,6 million euros) which rises five positions after the acquisition of Enoitalia and the US Enovation Brands Inc. The pole completes the podium Botter Mondodelvino (Hourglass) up 19,3% on 2020 to 415 million.
Followed by five other companies with revenues exceeding 200 million euros: the Romagna cooperative caviro, whose 2021 turnover of 389,9 million euros grew by 7,7%, the thirty Cavite (2021 turnover of 271 million euros, +29,2% on 2020), Tuscany Antinori (265 million euros, +24,6% on 2020), the Venetian Santa Margherita (220,6 million, +28,3%) and the Piedmontese Martini Brothers which achieved a growth of 5,4%, reaching 219,4 million euro.
With regard to the major increases in turnover in 2021, Tenute Piccini dominates the scene with a +61% on 2020 which places it ahead of the Lunelli group (+57,6%), Terra Moretti (+47,6%), Serena Wines 1881 (+40,1%) to close with +32,7% of Villa Sandi. Looking at profitability (ratio between net result and turnover), 2021 sees the Tuscan and Veneto companies in the lead: Frescobaldi (25,6%), Santa Margherita (21,3%) and Antinori (17%). Some companies have a very high share of exports, in some cases almost total: Fantini Group reaches 97,4%, Ruffino 94,5% and the Botter-Mondodelvino hub 91,1%.
Italian wine: regions compared
In 2020 the best Roi goes to Piedmontese companies (8,2%), second position for those from Veneto (5,5%) and on the lowest step of the podium the Tuscan ones (4,4%). Tuscan producers excel in margins: with an Ebit margin of 14,6%, they outdistance the Piedmontese (9,8%) and the Lombards (6,7%). The Piedmontese (72,2% of turnover) and Tuscan (63,8%) producers are major exporters.
In 2020, the greater international projection safeguarded the sales of Piedmontese producers (+10,8%) driven by exports (+20,1%) but failed to do the same for Tuscan ones (-11,2% in total) . Recovery of Tuscany in 2021 with sales up by 24,9%. Lombardy producers are also making progress (+22,4% total sales and +23,8% overseas sales) favored by the greater diffusion of sparkling wines (46,1% of turnover).
E-commerce wine: the success of online platforms
Over 90% of the wine e-commerce of the main producers is intercepted by specialized online platforms with sales booming in 2020 (+132,8% on 2019). The ranking of the main pure players is led by Tannic which in 2020 recorded revenues of 37,1 million euros, up 83% on 2019. Triple-digit increases for Vino.com (+218,7%) which, exceeding 30 million euros, holds the second position and for Bernabei (+160,4%) to 25,9 million.
The turnover of callmewine (12,4 million), an increase of 93,3%. XtraWine, doubling its turnover compared to 2019, exceeds 7 million euros while Winelivery it approaches the same amount after a 491,6% growth. 2020 was a year of strong development also for smaller companies, some of which, such as Etilika, born right in the middle of the boom. A further leap above +2021% is expected for 60.
